“It’s not profit-motivated; if [as a rider] you think syndicating is a source of income, then you’ve got the wrong idea.”
Neville (who was the top U.S. finisher at the World Equestrian Games before he was offered for syndication), investors have a known entity to consider. But a rider with limited finances may not have the means to buy a high-class horse and then syndicate him. In fact, Neville was an off-the-track Thoroughbred that Boyd purchased for only a few hundred dollars. He invested several years of training and bore all of the expenses of campaigning him during that time. “I’ve found it’s a lot easier to strike up a syndicate if you
have the horse already,” says Boyd. “With the four horses we have, we found a way to get a hold of the horse so people could see and look and touch and see it go. I think it would be considerably harder to get a group to go find a horse that is an unknown. I already owned Neville and he was proven. With Otis and Trading Aces I was lucky to have a particular person bankroll the original purchase and then repay the loan after about four weeks when we found a group. We bred Rosa in Australia and brought her over, and Neville was imported from there as well, so we already owned them and syndication was a way to keep them going.” To widen the appeal and in an effort to spread risk,
Pollard Eventing paired one of its rising stars, Cheyenne Blue, in the Phoenix Syndicate at its own expense with Ballingowan. This means that new syndicate members were able to buy in to two separate horses for the price of one. Additionally, Pollard Eventing kept the maintenance cost per share reduced to a level that covers only competition and insurance expenses. “Most of the people I had a connection with [already].
But as I’ve been a little bit more out front on social media, blogging and in articles for
EventingNation.com and The Chronicle of the Horse, I’ve had a couple of people approach me and tell me they like what I have to say and are interested in supporting me as a rider,” Michael says. “In putting together a syndicate, I would start with a circle of friends but you have to put yourself out there.” Doug has only had one random person contact him about joining a syndicate. Other than that, the people who have expressed interest to join already had a personal connection with him. “Ultimately you want somebody that wants to be in it for the long term and is there to support you,” he says. “It’s not just that they want a blue ribbon from some event. I also think that as a rider you need to be a little selective and make sure that people are really on board with your program. In my case, the owners relinquish control of the horse to me and I think that’s important.” “I received advice from a friend,” Michael adds, “and the most important thing they found is the quality of the members and their ability to get along together. You want to have interests that are aligned—just because someone wants to be a member doesn’t mean it’s a good
92 January/February 2013
Doug Payne on the Irish Sport Horse Happy Valley, owned by Eliza Crosby, at Pinetop’s spring horse trials in 2010.
fit. Ultimately it has to be fun for all of the members, so their personalities have to mesh.”
A Win-Win for Competitors and Members Michael also thinks that another key to success is that the rider should have a share of the horse whenever possible. “If you can’t afford a share upfront, you can build equity by covering your costs and keeping costs low for the owners,” he says. “That’s good for everybody. Obviously not everyone can afford to own a share, but if it’s a horse you want to keep for a long time, having a share in the horse and making sure all your interests are aligned by holding expenses down keeps the owners confident.” When a rider finds a good group of people, it is important
to make sure they feel their investment is worthwhile. “We invite the syndicate members to come along and watch the training and be involved,” says Boyd. “It’s a good excuse for people to get on a plane and go somewhere. Owning a horse at a competition is more of a thrill than just going along to
Courtesy Doug Payne
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